Tidal energy firm Atlantis Resources has a struck a “transformational deal” to acquire a power plant from metals tycoon Sanjeev Gupta’s GFG Alliance.

Under the proposed deal to buy the Uskmouth power plant in South Wales, GFG’s SIMEC energy arm will also become a shareholder in Atlantis which is behind the MeyGen tidal energy project in the Pentland Firth.

The deal also gives Atlantis the right of first offer on a portfolio of renewable power generation assets currently owned or acquired by the GFG Alliance

The Offshore Renewable Energy Catapult (OREC) and trade body RenewableUK have launched a project to gauge how marine renewables can qualify for UK Government support.

The Clean Growth Strategy sets out a triple test: achieving maximum carbon reduction; showing a clear cost reduction pathway; and demonstrating that the UK can be a world-leader in a global market.

OREC Chief Executive Andrew Jamieson said: “It’s essential that our emerging wave and tidal developers continue to enjoy investor confidence to allow them to be brought to full commercial scale, for the economic opportunity is immense.”